ALAMEDA COUNTY MEASURE A1 HOUSING BOND:

Transcription

1 1 ALAMEDA COUNTY MEASURE A1 HOUSING BOND:

2 Overview of Measure A1 Funding 2 Total Bond - $580 million Homeowner Programs - $120 million Down Payment Assistance Loan Program ($50 million) Homeownership Development Program ($25 million) Home Preservation Loan Program ($45 million) Rental Housing Programs - $460 million Rental Housing Development Fund ($425 million) n $225 million Base City Allocations n $200 million 4 Regional Pools Innovation and Opportunity Fund ($35 million)

3 3 OVERVIEW OF IMPLEMENTATION PROGRESS

4 Measure A1: Implementation Process 4 Implementation Plan approved by BOS Committee 1/23/17 Rental & Ownership Development Policies n Public Process for Rental & Ownership Policies January June 2017 n 30 day Formal Public Comment Periods n BOS Committee Reviews July & October 2017 n Emergency Rental Housing Development Funding Down Payment Loan Assistance Program: Administrator RFP Home Preservation Loan Program: Administrator RFP

5 Measure A1: Implementation 5 Down Payment Assistance Loan Program (DALP) Program Administrator RFQ completed Policy development and public process expected from December 2017 March 2018 BOS approval of DALP policies est. Spring 2018 Program to start accepting applications in Spring, 2018 Home Preservation Loan Program (HPLP) Program Administrator RFQ completed Policy development and public process expected from January April 2018 Board approval of HPLP Policies est. Spring 2018 Program to start accepting applications in Spring 2018

6 Implementation Update 6 Boomerang Initiatives Update Small CBO/Faith-based Capacity Housing Development Building program n RFP evaluation in process Anti-displacement program RFP n Notice of Intent to Award Funds issued n Appeals due by Monday 10/9/17 n Contract negotiations to start in late October

7 7 HOMEOWNER HOUSING DEVELOPMENT PROGRAM IMPLEMENTATION POLICIES

8 8 Homeowner Housing Development Program: Framework Bond Allocation Amount: $25 million Goal: Assist in the development and long-term affordability of homeownership housing for low-income households to become firsttime homebuyers while staying in the County. Program Framework: Income limit: 80% of Area Median Construction loans to nonprofit developers New construction, acquisition, rehabilitation Development loans converted to homebuyer loans when homes are purchased. May involve a sweat-equity component. Countywide allocation

9 Homeowner Housing Development Program: Proposed Implementation Policies 9 Income levels and first time homebuyer status Project selection criteria Eligible types of projects Eligible uses of funds Fair Housing/Marketing Form and term of development financing

10 10 Homeowner Housing Development Program: Next Steps October 2017 Committee Discussion BOS Discussion/review Projected Spring Release Requests for Proposals

11 11 RENTAL HOUSING DEVELOPMENT FUND INNOVATION & OPPORTUNITY FUND IMPLEMENTATION POLICIES

12 12 Rental Housing Development Program: Framework Bond Allocation Amount: $425 million Goal: Create and preserve affordable rental housing for vulnerable populations, including low-income workforce housing Program Framework: Income levels: n Most expected to be at 30-60% of Area Median Income (AMI) n A minimum of 20% of units to 20% AMI or below (operating subsidies needed. Not A1 eligible) n Allow a portion of units for up to 80% AMI in mixed income developments Leverage tax credits, other state, federal and local funds Require City financial contribution Long-term affordability (55 year minimum) Geographic Distribution: $225 million to Base City Allocations, $200 million to 4 Regional Pools

13 Rental Housing Development Program Geographic Allocation 13 Rental Housing Development Program Funds $225 Million to City Base Alloca?ons Rental Housing Development Funds $200 Million to Regional Pools Base City Alloca?ons Regional Pools Allocated by: % of Total Need - Blend of Poverty and RHNA LI&VLI Alameda city $10,370,727 North County 44.7% $89,325,065 Albany city $2,588,918 Mid County 24.9% $49,803,134 Berkeley city $15,796,369 East County 13.7% $27,332,372 Dublin city $8,831,465 South County 16.8% $33,539,429 Emeryville city $2,799,109 Alameda County Total 100.0% $200,000,000 Fremont city $33,264,459 Hayward city $20,298,294 Livermore city $12,722,700 No Co: Albany, Berkeley, Emeryville, Oakland, Piedmont Newark city $6,029,275 Mid Co: Alameda, Hayward, San Leandro, Unincorporated Oakland city $54,803,565 East Co: Dublin, Livermore, Pleasanton Piedmont city $2,431,300 South Co: Fremont, Newark, Union City Pleasanton city $13,720,684 San Leandro city $11,907,775 Unincorporated $19,671,892 Union City city $9,763,468 Alameda County Total $225,000,000 Allocations based on average of % AV & % Total Population, with minimum no less than original projections.

14 14 Rental Housing Development Program: Framework (cont.) Target populations: homeless, seniors, veterans, people with disabilities, re-entry population, transition-age youth, lower-income workforce Alameda County residents and workforce given priority Uses include new construction, acquisition, and rehabilitation Flexible uses of funds Maximize leverage and produce the largest number of units possible Gap funding only Wages set that are equivalent to state prevailing wages

15 15 Rental Housing Development Program: Proposed Implementation Policies Income Levels: Majority of units expected to be at 30-60% AMI 20% of units at 20% AMI required in each Base City Allocation and each Regional Pool Up to 5% of each allocation allowed up to 80% AMI Target Populations: HCD to track units for target populations and review annually Cannot permanently displace households Benefits for temporarily displaced

16 16 Rental Housing Development Program: Proposed Implementation Policies Eligible Uses Maximum Measure A1 investment/unit City Match: Minimum value - equal to city planning and building fees Required match can be combination of cash, land, waived fees and/or project-based vouchers impact Flexible timing Leverage incentivized in competitive process

17 Rental Housing Development Program: Proposed Implementation Policy 17 Fair Housing/Marketing Live/Work Preferences Immigration status Fund commitment deadlines Initial 10% reservation of funds in each pool to cover County Bond issuance and program delivery/ admin Workforce Policies

18 18 Rental Housing Development Program: Innovation & Opportunity Fund Bond Allocation Amount: $35 million Goal: Respond quickly to capture market opportunities, preserve and expand affordable housing, tenant anti-displacement Program Framework: Preserve and expand affordable rental housing same income levels and target populations as Rental Development Fund Support affordable housing developers in responding quickly to opportunities that arise in the market n Rapid response high-opportunity pre-development and site acquisition loans n Bond-qualified rental anti-displacement opportunities RFQ to select and pre-qualify developers to submit over-the-counter funding applications anticipated in November/December Countywide

19 19 Rental Housing Development Program: Innovation & Opportunity Fund Acquisition and Opportunity Fund HCD may administer or propose a Program Administrator selected through a RFP process Short-term loans - 3 year initial loan, 5 year maximum Revolving loan fund Encourage leveraging of funds Tier One developers (including partnerships) City match: formal commitment not required at this stage but city support and approval is expected

20 20 Rental Housing Development Program: Innovation & Opportunity Fund Innovation Fund HCD plans to bring additional program possibilities to Health Committee: Board-and-care facilities Accessory dwelling units (ADU s) Shared housing

21 21 Rental Housing Development Program: Next Steps October 2017 Committee discussion BOS discussion/review After Board approval: accept project applications for Base City Allocation requests: AHSC applications due in January 2018 City projects to the BOS for approval in December 2017 RFP issued for Regional Pools projected early 2018

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